§ 8D-5. Same—General obligation bonds.  

Latest version.
  • No general obligation bonds shall be issued by the County unless the issuance of such bonds shall have been approved by a majority of the votes cast in an election in which a majority of the qualified electors residing in the County shall participate. Such elections shall be called, noticed and conducted and the result thereof determined and declared in the manner required by law for the issuance of bonds of the County.

    For the payment of the principal of and the interest on any general obligation bonds of the County issued under the provisions of this chapter, the Board is hereby authorized and required to levy annually a special tax upon all taxable property within the County, over and above all other taxes authorized or limited by law, sufficient to pay such principal and interest as the same respectively become due and payable, and the proceeds of all such taxes shall when collected be paid into a special fund and used for no other purpose than the payment of such principal and interest; provided, however, that there may be pledged to the payment of such principal and interest the revenues of the project or projects, and in the event of such pledge the amount of the annual tax levy herein required may be reduced in any year by the amount of such revenues actually received in the preceding year and then remaining on deposit to the credit of the special fund for the payment of such principal and interest.

(Ch. 22960, § 4, Laws 1945; Ord. No. 78-27, § 2, 4-4-78)

Cross reference

General obligation bonds, Ch. 16.